PNoy orders advisers to keep tabs on world economy

As he prepared to leave for a visit to Japan, President Benigno Aquino III ordered his economic managers to closely monitor the steep decline of international financial markets and prepare steps to make sure the Philippines will not be affected. “Instruction ng Pangulo sa economic teams is to keep a close eye on what is happening globally. Nakita natin nagkakaroon ng slowdown in other countries," deputy presidential spokesperson Abigail Valte said on government-run dzRB radio Saturday. (His orders are to) watch closely what measures we can prepare para di tayo tamaan." Valte also said the economic team will be “doing what it can" to meet its economic targets amid the slowdown. Earlier reports indicated world markets had buckled as investors panicked. The benchmark 30-company Philippine Stock Exchange index settled to its lowest level in three years as investors turned to safer US dollar and government bonds. On Friday, the peso briefly touched the P44 to $1 level before recovering at P43.58 from Thursday’s P43.77. Valte also said Saturday the government will sustain its job generation and conditional cash transfer programs. — ELR, GMA News